Corporate insolvencies reach highest level in five years after 25% rise in 2023 – The Irish Times

Corporate insolvencies reached their highest level last year since 2018, with the hospitality and construction sectors both seeing a 62 per cent rise, according to an analysis by professional services company Deloitte.

Some 663 corporate insolvencies were recorded in 2023, according to statistics compiled and published by Deloitte Ireland, with this number up 25 per cent on the 530 total recorded in 2022.

A total of 33 small and micro-companies availed of the new small business rescue regime Small Company Administrative Rescue Process (Scarp) with the scheme having a success rate of 78 per cent, saving 211 jobs. Five of the Scarps were unsuccessful, meaning they ended in liquidation, leading to 70 job losses. Some 10 Scarps are ongoing…

Read the full article at: https://www.irishtimes.com/business/2024/01/04/corporate-insolvencies-reach-highest-level-in-five-years-after-25-rise-in-2023/